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post #1 of 10 (permalink) Old 03-05-2004, 06:01 AM Thread Starter
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Question Car financing

Ok.. this might seem a little odd but here goes. We have decided to buy a car, and now are working out some financing options. We were just going to go through my wifes credit union, But seeing as I am not fully aware of what options i might have... does anybody have any other suggestions that might be worth checking out? Thanks in Advance
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post #2 of 10 (permalink) Old 03-05-2004, 08:04 AM
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Do you own a home? Sometimes, an equity line of credit has a better interest rate and I believe part of the interest is tax deductible. (Not sure on that one though.)

Just an idea.
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post #3 of 10 (permalink) Old 03-05-2004, 04:57 PM Thread Starter
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Quote:
Originally posted by Swtchd2Dodge
Do you own a home? Sometimes, an equity line of credit has a better interest rate and I believe part of the interest is tax deductible. (Not sure on that one though.)

Just an idea.
Unfortunately not. We're just starting out... renting. So we don't really have any equity in anything. Might have to ask the outlaws (in laws hehe) if they woul be willing to co sign for us. I'd like to know if all lenders use the same criteria for granting a loan.. or are some easier to borrow from than others.
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post #4 of 10 (permalink) Old 03-05-2004, 07:45 PM
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New or used?? I just did a post on another thread about monthly payments with low APR for new vs higher APR for used. The example was my '00 Strat that cost $18K vs a used Monte Carlo for $14K. For the same time period, my car payments were $1.00 LESS for the new vs the used...
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post #5 of 10 (permalink) Old 03-05-2004, 07:50 PM Thread Starter
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Used.. 9k is really our limit at the moment as we will be basing the loan on my wifes income as i am not working yet. Just got Employment Authorisation. So i don't want to get in too deep until i know what sort of income i will have. It's a bit of a catch 22, gotta have a car to get a job, but ya gotta have a job to pay for the car and i'm reluctant to get a cheapy and then have to spend a fortune on it to keep it going. I really wanted to get me a F150, but with gas prices around 2.20 - 2.40 around hear that ain't gonna happen. The whole process sucks lol

No matter how hot she is, someone, somewhere, is sick of her shit....
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post #6 of 10 (permalink) Old 03-05-2004, 08:39 PM
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Hate to say it, especially since I did it myself but if the money is tight buy used.
If it's really tight, buy really used.
The odd repair or replacement part will never equal the price of a new car. Depreciation sucks.
Brand new cars are for the better off. The only reason banks lend you the money is because it's there livelihood.
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post #7 of 10 (permalink) Old 03-05-2004, 08:43 PM Thread Starter
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yeah i'd never buy new. Thats the quickest way to lose money i know of. Just scared of buying something that is "too used" though.
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post #8 of 10 (permalink) Old 03-05-2004, 09:17 PM
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I went the "paid for" route for years. One thing you learn is how to fix things. I would actually begin looking for the next car about a week after I bought the one I was driving because you never know when a good deal will come by, and you never know when repair cost exceeds purchase price.
If you are really shrewd you will buy a car, fix it up, and sell it for a profit, and buy another one that is nicer and repeat the process...
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post #9 of 10 (permalink) Old 03-06-2004, 01:18 AM
 
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i'd watch out for the HELOC, just fyi...can really make your credit scores tank depending on how it gets reported to the credit reporting agencies..thus causing other creditors of yours to raise interests rates and/or cut credit limits.

credit union is probably the best way to go if you are just starting out. they usually don't seem to have crazy standards or 20% interest rates for new or limited credit histories.

check out www.creditnet.com lots of good info there on their forums.

Last edited by dodgemark; 03-08-2004 at 02:53 PM.
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post #10 of 10 (permalink) Old 03-06-2004, 02:03 AM
 
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Getting pre-approval at a credit union is a great way to bargain with dealers on pricing. Cause they don't have to do hardly anything, plus it gives you leverage.

Say there was a car with a sticker price of $15,000. Tell the dealer that you are already pre-approved for $13,000 and you won't believe how the price can come down when they see easy money.

I do like the credit union idea though. I think that for used, that might be the best way to go.
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